Six must-see moments from 'Fast Money'

The "Fast Money" traders step out of the Nasdaq and into Times Square's Super Bowl Boulevard to ride a 60-foot toboggan.

From talking turkey and Apple earnings to a walk down Super Bowl Boulevard, the "Fast Money" traders had you covered in six must-see moments from the past week.

Wrong on Palladium: Gartman

Dennis Gartman of the Gartman Letter admits that his call on palladium was wrong, and shares the best play for gold and copper.

Gartman repositions after market selloff

Monday marked the fifth straight down day for the Dow, which notched its worst five-day percent drop since April 2012. The pain wasn't limited to U.S. markets. Stocks around the world sold off, with weakness felt across the globe.

Dennis Gartman of The Gartman Letter recommended a three-pronged "risk-off" strategy to weather the downturn, which included paring back on equity longs, selling emerging market currencies and buying gold while selling copper.

"I think you're starting to turn the market basically from what had been an overt bull market to something demonstrably different," he said. "Now I think it's time to be somewhat frightened."

Josh Brown of Ritholtz Wealth Management agreed that sentiment seems to have changed in the market. "Without a doubt, there are some signs that we have an inability to rally on good news," he said. "The data suggests that we're not out of the woods yet."

Guy Adami of TradeMonster pointed out a key technical level that he's watching in the S&P 500 index. "I think to hold 1,765 (on the S&P 500) for the short term is critical," he said. The S&P 500 closed on Monday at 1,781.56, down nearly half a percent on the day.

Apple needs new product: Pro

Colin Gillis of BGC Financial explains why the functionality and pricing gap at Apple were reasons for a stock downgrade.

But the big drop wasn't a surprise to everyone. BGC Financial Analyst Colin Gillis downgraded Apple to hold from buy earlier in the session. He joined the crew to analyze the company's fiscal first-quarter earnings report and to discuss his downgrade.

"What we need from Apple is not just to continue to sell iPhones and iPads into its customer base; we need new products," he said. Gillis said that his downgrade was based primarily on valuation. "When it hit our price target today, we felt obligated to downgrade it."

Despite the big after-hours drop, quarterly earnings and revenue actually beat analyst expectations, and the traders pointed out a number of silver linings in the report. Adami noted stronger iPad sales and said the drop provides an opportunity to buy the stock.

"For a trade, I think it might set up pretty interesting tomorrow," he said. Karen Finerman of Metropolitan Capital said that gross margins "weren't that bad," but like Gillis, said that Apple needs a new product to act as the next catalyst. Apple went on to have its worst day in a year on Tuesday, falling nearly 8 percent.

On Tuesday, the talk was all about Turkey as the selloff in emerging market currencies such as the Turkish lira intensified. In a midnight session, The country's central bank took extraordinary measures, raising key interest rates in an effort to strengthen the currency.

World markets reacted immediately by trading higher, with the iShares emerging markets ETF, the EEM, gaining more than 1 percent after hours. U.S. futures also spiked, with Dow Jones futures higher by 140 points.

Tim Seymour, who focuses on emerging markets, said that the move in Turkey was "very good news for an economy that's been growing very fast." Brian Kelly of Brian Kelly Capital said he would fade the after-hours pop in the emerging markets ETF.

"I think you short EEM right here," he said. Other central banks are going to have to raise rates, choke off growth; you don't want to be in stocks at that point."

Shares of Yahoo followed the same path as Apple, falling Tuesday after reporting a weak first quarter outlook and a decline in display ad revenue.

Rob Sanderson of MKM Anderson said that the weak guidance wasn't surprising. "They're on a spending increase, they've talked about heading into this next stage of recovery, and they're going to spend a little bit of money," he said.

The key to Yahoo's story is its stake in Alibaba, a Chinese online marketplace, rather than its earnings, he said.

Kelly said he would be a buyer of Yahoo on the dip. "I think you buy it here because there are a lot of people who have missed this move, they want to get in with Alibaba. … Now is the chance to get in."

JetBlue CEO: Revenue environment strong

JetBlue CEO Dave Barger explains why the airline is well-positioned for 2014 and explores the upsides to bad weather.

JetBlue's CEO talks earnings

JetBlue reported better than expected earnings Wednesday but warned that January weather cancellations could hurt first-quarter revenues. The carrier canceled some 1,800 flights because of winter storms in the Northeast.

JetBlue CEO Dave Barger stopped by the Nasdaq to talk about the quarter.

"There's no doubt, there's an impact to earnings over the first quarter," he said about the cancellations. But the revenue environment is "strong," he said, adding that cold weather drives people to destinations, such as Florida and the Caribbean, served by JetBlue.

He also talked about JetBlue's venture into in-flight Wi-Fi through its wholly owned subsidiary, LiveTV.

"This brand is superior. … This is full broadband into the aircraft," he said.

Barger noted that the service is being installed on competing airlines, making JetBlue a viable competitor to other in-flight providers such as Gogo.

"We also have United Airlines as a customer, other airlines as well, so ... we're open for business," he said.

Adami said the upside in JetBlue's stock is "tremendous" and that he sees limited downside.

A slew of big-name companies reported earnings Wednesday and Thursday, and "Fast Money" covered all the angles.

Facebook rocketed higher in Wednesday's after-hours session on the back of a strong fourth-quarter earnings beat. One metric that analysts were watching closely was mobile advertising revenue. Facebook didn't disappoint, saying about 53 percent of its total ad revenues came from mobile.

Bob Peck of SunTrust Robinson said, "At any point when you have a billion people a month coming to you on mobile it's amazing, and over half their revenues now are on mobile—that didn't exist a year ago; that's amazing."

Despite the solid quarter, Dan Nathan of RiskReversal.com said that sales and earnings growth may start to decelerate going forward, and that Facebook will be a "hard stock" to trade.

Amazon didn't have the Facebook's fortune, falling on Thursday after missing on the top and bottom lines.

Tim Seymour said that Amazon "raised the bar very high" for itself regarding holiday sales but that the stock remains a buy.

"This is clearly one of the most important companies in the world," he said. "I say you buy this weakness."

Michael Pachter of Wedbush Securities has a neutral rating on the stock and agreed with Seymour, saying the company may have shown too much confidence during the holiday season.

"I think where Amazon really went wrong is they allowed their share price to rip, by creating this perception that they were going to crush numbers," Pachter said.

Google also reported its quarterly results Thursday, and traded higher after hours despite a miss on earnings.

Karen Finerman of Metropolitan Capital said Google's sale of Motorola to Lenovo, which was announced earlier in the week, is a good thing for the company, but cautioned that she wouldn't be adding to her long position at this point.